ORBIT GAR ANT DRILLING INC NOTES TO THE CONSOLID A TED FINANCIAL ST A TEMENTS Continued Amounts as at March 31 2008 and for the nine and three months ended March 31 2008 and for the six and three months ended March 31 2007 are unaudited 18 SUB SEQUENT EVENTS Continued The Board of Directors may amend the new option plan without shareholder approval in certain instances including but not limited to i amendments of a housekeeping nature ii a change to the vesting provision of any option iii a change t o the termination provisions of any option that does not entail an extension beyond the original expiration date iv the introducti on of a cashless exercise feature payable in securities whether or not such feature provides for a full deduction of the number of underlying securities from the new option plan reserve v the addition of a form of financial assistance and any amendment to a financial assistance provision which is adopted and vi a change to the eligible participants of the new option plan d P rior Option Plan The Company has issued options to certain of its employees pursuant to the P rior Option Plan There are 1048000 such options that may be exercised for Common Shares on a oneforone basis All such options other than 524000 options that will be exercised if the Over Allotment Option is exercised in full will remain outstanding No further options will be granted pursua nt to the P rior Option Plan following completion of this Offering All outstanding options granted under the P rior Option Plan will vest as to 50 on the Closing Date and as to 25 on each of the first and second anniversary of the Closing Date and will expire by A ugust 20 2017 e Others The company has agreed to pay to 1684181 Ontario Inc a company managed by a director of the company a fee of 300000 for strategic advice plus an outstanding work fee of 50000 on closing F27